Create a Living Trust in Wisconsin

A Wisconsin living trust holds ownership of your assets while you continue to use and control them during your lifetime. After your death, the trust assets are distributed to the beneficiaries you have chosen. A revocable living trust (also called an inter vivos trust) can be a useful estate planning tool when used wisely.

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create a living trust in wisconsin

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Updated on: February 6, 2024
Read time: 4 min

A Wisconsin living trust holds ownership of your assets while you continue to use and control them during your lifetime. After your death, the trust assets are distributed to the beneficiaries you have chosen. A revocable living trust (also called an inter vivos trust) can be a useful estate planning tool when used wisely.

Living trusts in Wisconsin

When you set up a living trust in Wisconsin, you are the grantor, and your assets are placed in the trust to be managed for your benefit during your life. The more assets you can put into trust, the greater the effectiveness of the trust. Some assets, such as retirement accounts and life insurance, cannot be transferred. You will select a trustee who is charged with managing the trust assets. Any adult can be a trustee, but it is most common simply to select yourself. You will need to choose a successor trustee who will take over control of the trust after your death, managing the assets and distributing them to your beneficiaries. A revocable trust can be changed or eliminated while you are alive if you choose, but an irrevocable living trust cannot be altered at all.

A living trust Wisconsin allows you to avoid probate for assets in the trust. Probate is a court procedure that reviews and approves wills. This can take many months and involves the costs of an executor, attorney, and court fees. Wisconsin has not adopted the Uniform Probate Code, so its procedures are complex. A living trust bypasses all of this cost and delay and allows distribution to beneficiaries immediately after you die if you wish (assets passed by a will can’t be distributed until probate closes). A living trust avoids probate in any state in which you own property, as long as you place those assets in your trust.

Wisconsin offers a simplified estate proceeding for estates that are worth less than $50,000 if the deceased is survived by a spouse or a minor child. This is faster and less expensive than traditional probate and is also less expensive than a trust.

Do I need a living trust in Wisconsin?

Creating a living trust in Wisconsin may be useful in your estate plan. Your trust offers privacy not available with a will. The assets, beneficiaries, and terms of the trust are never public record. If you choose to pass your assets through a will, it must go through probate and then becomes public record. A trust is more difficult to challenge or contest than a will, offering additional security.

Control is another benefit of a living trust. The trust gives you control over your assets during your lifetime. Although they are technically owned by the trust, you completely control the trust. You use your assets as you normally would without interference. After your death, your control continues as the trust assets are managed and protected by your successor trustee and then distributed to your beneficiaries. A trust allows you to pick your distribution dates. You can disburse immediately or at specific dates in the future. A will does not offer this flexibility and distributes assets as soon as it is probated.

Your revocable living trust protects you should you become mentally incapacitated. All of your assets are already controlled, owned, and managed by the trust and a conservatorship proceeding is likely unnecessary. While a durable power of attorney can be rejected, a trust cannot be. Your financial life is protected by the trust.

Living trusts and estate taxes in Wisconsin

Living trusts cannot protect your assets from estate tax, however most estates are not taxed. There is no estate tax in Wisconsin, however the federal estate tax applies to estates worth more than $5 million. You can create a special trust called a marital trust (sometimes known as a QTIP or AB trust) to avoid estate tax. This trust passes assets from the deceased to a surviving spouse with no tax. A living trust does not provide any protection from Medicaid spend down and does not hide assets from creditors.

How to create a living trust in Wisconsin

To create a living trust in Wisconsin, sign your written trust document before a notary public. Next, transfer ownership of assets into the trust to make it effective. Living trusts can be useful and efficient vehicles for transferring ownership of assets while maintaining control.

If you're ready to create a living trust in Wisconsin, LegalZoom can help. Get started by answering a few simple questions. We will review your answers, and send your complete living trust package by mail

Find out more about Living TrustsStart Now
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This article is for informational purposes. This content is not legal advice, it is the expression of the author and has not been evaluated by LegalZoom for accuracy or changes in the law.

55 days ago
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Grateful to Patti Green

Patti Green helped me so much to finish my order. She was very patient and pleasant with me and guided me so well with my living trust. She made it clear and explained things that I could understand to finish this. She is an asset to your company and I would recommend her with excellence

CU
57 days ago
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I had no Idea what to do to update my…

I had no Idea what to do to update my Living Trust. They answered all my questions and they also helped me get info I did not know I needed.

Bryan Q
63 days ago
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Living Trust Premium

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sremeikis
71 days ago
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I spoke to the representative today about a Trust...

I spoke to the representative today regarding a question about an existing Living Trust. She was very helpful - told me exactly what I needed to know and how to accomplish it. As a representative in the Financial field I guide clients all the time on where to get documents done right - and its always LegalZoom - easy and effecient!

Gareth
73 days ago
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LegalZoom

I was impressed by the user-friendly interface and the outstanding support I received while creating a Revocable Living Trust. The ability to connect with support representatives in real time to address my questions was incredibly valuable. For those looking to establish a straightforward trust, I can highly recommend LegalZoom.

TDM
79 days ago
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Rida has been very helpful with respect…

Rida has been very helpful with respect o guiding me through the process of properly revising the Living trust for my elderly parents. His patience has been exemplary.

Frantz Michel
87 days ago
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Elizabeth Tisdale

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MARIA CORONA
87 days ago
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Taking the Initiative

Taking the initiative to do the info. research on our living Trust...set up back in 2016..Made the call an efficient, as well as a pleasant experience. Very thorough and friendly. Set up our atty consultation Thanks for great service!

Vicki Switzer
94 days ago
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Carmen was so patient with me

Carmen was so patient with me! Thank you for all your direction and guidance with my living Trust! Great job!

Tina Garcia
97 days ago
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Tammy was wonderful and very…

Tammy was wonderful and very knowledgeable. It's because of her that I am going to open a living trust with legal zoom. She was great. Thank You

Erin
105 days ago
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Pleasant Experience

Patience and weel given explanation about the process of how a "Living Trust" & "Deed" works after transitioning and guidance on how to contact an attorney whenever I need legal advice.

Sharron Martin
105 days ago
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Excellent LegalZoom Attorney

The LegalZoom attorney was extremely helpful in the "walk thru" assistance as I prepared the Living Trust document. The service was excellent.

customer
114 days ago
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Happy with my initial contact with Legal Zoom

Rebecca fully answered my questions about creating a living trust. She is friendly and professional, and with my mind at ease, I am looking forward to starting this process with Legal Zoom. I am confident that this will be the best route for me to take to make things a lot easier for my family when I'm gone. (And, easy for me!) I plan to be in touch in the next several weeks. Thanks, Rebecca!

Carol
132 days ago
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Michelle very professionally guided me…

Michelle very professionally guided me with her knowledge and amazing patience through the entire process of setting up my Living Trust. I am so relieved and grateful for her help. I have used LegalZoom before and you are my go to for legal advice. Thank you again Michelle.

Paula Bateman
140 days ago
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Quality Staff

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Ady Filipescu
149 days ago
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Really great job in guiding me to…

Really great job in guiding me to finish my living trust .

Ronnie Ball
155 days ago
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5 Stars

5 Stars – Outstanding Customer Service from Tammy at LegalZoom I had the pleasure of working with Tammy from LegalZoom regarding my living trust documents, and I couldn't be more impressed. She was professional, patient, and incredibly knowledgeable. Tammy took the time to walk me through every step, answered all my questions clearly, and made a complex process feel simple and stress-free. Her attention to detail and genuine care made all the difference. LegalZoom is lucky to have someone like her on their team. Thank you, Tammy!

Cn
155 days ago
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Ease and help of making changes to my…

Ease and help of making changes to my living trust. LegalZoom rep walked me through the process without any difficulties. Really like working with LegalZoom.

Gregory Bechtol
162 days ago
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Enjoyed working with Kevin to finalize…

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JOHN in CALIFORNIA
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